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<br />June 12. 2007
<br />
<br />'" Motion by Ms. Psi mas, and seconded by Mr. R. Smith, to add a resolution to the
<br />agenda, and was adopted by the following vote:
<br />
<br />Ayes: Moody, Psimas, D. Smith, R. Smith, Randall
<br />Nays: None
<br />
<br />'" Motion by Ms. Psimas, and seconded by Mr. R. Smith, to adopt the following
<br />resolution, and was adopted by the following vote:
<br />
<br />"RESOLUTION CONCURRING IN THE EXERCISE BY THE INDUSTRIAL
<br />DEVELOPMENT AUTHORITY OF MATHEWS COUNTY, VIRGINIA OF POWERS
<br />CONFERRED BY THE INDUSTRIAL DEVELOPMENT AND REVENUE BOND ACT IN
<br />CONJUNCTION WITH THE ISSUANCE OF NOT TO EXCEED $3,500,000 OF ITS
<br />REVENUE BOND FOR PLACES AND PROGRAMS FOR CHILDREN, INC., A
<br />VIRGINIA NONSTOCK CORPORATION, IN ORDER, AMONG OTHER PURPOSES,
<br />TO REFINANCE THE ACQUISITION AND IMPROVEMENT OF A TWO-STORY
<br />BUILDING LOCATED AT 1900 LLEWELLYN AVENUE, NORFOLK, VIRGINIA.
<br />
<br />WHEREAS, there has been described to the Economic Development Authority of
<br />the City of Portsmouth (the Portsmouth Authority) the plans of Places and Programs for
<br />Children, Inc. (the Borrower), whose principal place of business is located at 702
<br />London Street, Portsmouth, Virginia 23704-2413, for the issuance by the Industrial
<br />Development Authority of Mathews County, Virginia (the Mathews Authority), of its
<br />revenue bond (the Bond) in an amount not to exceed $3,500,000 to assist the Borrower
<br />in (a) refinancing the expansion and improvement of a 22,000 square foot two-story
<br />building located at 1900 Llewellyn Avenue, Norfolk, Virginia, (b) financing (1) the
<br />acquisition of an 8,000 square foot, single-story building located at 1020 Champions
<br />Way, Suffolk, Virginia, and (2) renovations at the Borrower's 10,150 square foot, single-
<br />story structure located at 620 London Street, Portsmouth, Virginia, (c) funding a debt
<br />service reserve and (d) paying the cost of issuing the Bond; and
<br />
<br />WHEREAS, the above facilities are or will be owned by the Borrower; and
<br />
<br />WHEREAS, a public hearing with respect to the Bond as required by Section
<br />15.2-4906 of the Code of Virginia of 1950, as amended (the Virginia Code), and the
<br />Internal Revenue Code of 1986, as amended (the Code), was held by the Portsmouth
<br />Authority on May 15, 2007, and
<br />
<br />WHEREAS, the Mathews Authority also held a public hearing with respect to the
<br />Bond on May 24, 2007, and adopted an approving resolution (the Mathews Authority
<br />Resolution) with respect to the Bond on that date; and
<br />
<br />WHEREAS, the Portsmouth Authority has adopted a resolution (the Portsmouth
<br />Authority Resolution) recommending that the City Council of the City of Portsmouth (the
<br />Council) concur with the Mathews Authority Resolution; and
<br />
<br />WHEREAS, Section 15.2-4905 of the Virginia Code provides that the Council
<br />must concur with the adoption of the Mathews Authority Resolution prior to the issuance
<br />of the Bond; and
<br />
<br />WHEREAS, the Code provides that the highest elected governmental officials of
<br />the governmental unit having jurisdiction over the area in which any facility financed with
<br />the proceeds of a private activity bond is located shall approve the issuance of such
<br />bond; and
<br />
<br />WHEREAS, the Bond will finance property located in the City of Portsmouth and
<br />the members of the Council constitute the highest elected governmental officials of the
<br />City of Portsmouth; and
<br />
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